
Spearmint Energy Locks In $48M for BESS Project
Spearmint Energy, a renewable energy company, has closed a $47.5 million project finance term loan from Manulife Financial Corporation for a U.S. battery energy storage system (“BESS”) project located in West Texas’ ERCOT market.
The close of the term loan follows the completion and launch of Revolution, the company’s 150MW, 300MWh BESS project announced earlier this year, as well as its $92 million tax equity financing from Greenprint Capital Management and a $200 million term loan financing from Aiga Capital Partners and Nuveen.
“Our successful closing of this loan amidst a highly competitive bidding process reflects Spearmint’s leading position within Texas’ fast-growing energy storage market as well as Revolution’s success to date in supporting grid stability throughout ERCOT,” said Cory Magnuson, Spearmint CFO.
